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The Australian and New Zealand dollars hardly budged on Tuesday as traders were wary of geopolitical tensions in North Korea and held their bets ahead of an annual gathering of central bankers at Jackson Hole later in the week. The Australian dollar inched up 0.1 percent to $0.7944 for its third straight session of gains, though activity was subdued.
The Aussie climbed to a two-year peak of $0.8066 in late July but has since faltered, trading in a $0.7808-$0.7950 band. It is on track to end August in the red after solid performances in June and July. Analysts expect trading to be muted until the Federal Reserve's annual Jackson Hole event where chair Janet Yellen and European Central Bank President Mario Draghi are due to speak. The New Zealand dollar was up 0.1 percent and last stood at $0.7328 after slumping to $0.7224 last week, the lowest point since July 11. The Kiwi is also set for a disappointing August following solid gains in the previous three months.
New Zealand government bonds eased, sending yield one basis point higher across the curve. Australian government bond futures were mostly flat, with the three-year bond contract unchanged at 98.030 and the 10-year contract up half a tick at 97.3700. The US dollar has underperformed so far this year on doubts about President Donald Trump's ability to fulfil his economic agenda amid turmoil in the White House, and on the Fed's go-slow approach on tightening due to tepid inflation. Festering tensions with North Korea has also dragged on the greenback.
South Korean and US forces began computer-simulated military exercises on Monday in the wake of North Korea's weapons programs, angering the Asian communist regime. Pyongyang denounced the exercises as preparations for a nuclear war. "The AUD is likely to continue to consolidate," Jo Masters of ANZ Research said in a note to clients.

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